31 Mar 2021other● Neutral
Corporate governance statement for year to 31 December 2020, current at 31 March 2021, setting out ADX's compliance with ASX governance recommendations. Administrative; no new operational or financial information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2021resource reserve update▲ GoodMajor
ADX raised best-case prospective resources for its 10 drill-ready Upper Austria prospects to 58 MMBOE, from 42 MMBOE announced 30 November 2020, mainly from revising three larger prospects. It is now ready to start a formal farm-out with a data room.
19 Feb 2021investor presentation● Neutral
Investor update slides dated 19 February 2021, issued for the general meeting. The visible text is disclaimers and reserves definitions; the remainder is truncated, so no new figures can be reported here.
19 Feb 2021security holder rights change● Neutral
ADX cancelled 135,000,005 loan note options (A$0.018 strike, expiring 26 Nov 2021) under an ASX waiver, to be replaced by 135,000,040 new options approved by shareholders on 19 February 2021. This completes the option reissue flagged earlier.
18 Feb 2021price query● Neutral
ASX queried a jump in ADX's share price from A$0.008 to A$0.012 on heavy volume on 18 February 2021. ADX replied it knew of no unannounced information and no explanation for the trading, and said it complies with the Listing Rules.
4 Feb 2021capital raising announcement● Neutral
ADX issued a prospectus offering 250,000,473 free options (A$0.008 strike, expiring 15 June 2021) to share purchase plan participants, one per two shares. Issue depends on shareholder approval at the general meeting expected around 19 February 2021.
3 Feb 2021capital raising announcement▲ GoodMajor
The share purchase plan drew about A$3.6m of applications against a A$1.0m target, so ADX upsized it to about A$3.0m (500,000,951 shares at A$0.006), scaling back applications pro rata. With the A$1.3m placement, funds go to workovers, Upper Austria expansion and hydrogen, and a possible European dual listing.
What it means for a shareholder
500m new shares at A$0.006 to raise about A$3.0m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00851% to 0.00678% of the company. To keep it you'd need 42,554 more shares - about A$255 at the issue price.
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20 Jan 2021material agreement● NeutralMajor
ADX hired consultants Horváth & Partners to assess using its depleted Gaiselberg and Zistersdorf fields in the Vienna Basin for hydrogen storage. A first phase aims to find renewable-energy partners and funding. It is a study, with no commitment or revenue yet.
13 Jan 2021capital raising announcement● Neutral
ADX explained how holders can download the share purchase plan application form because COVID postal delays may hold up the mailed copies. Payment is due by 29 January 2021. No change to the offer terms.
11 Jan 2021regulatory community update▲ GoodMajor
ADX signed the Upper Austria exploration, production and gas storage concession agreements with Austria's mining ministry on 8 January 2021. Terms are 16 years, a 4-year firm period from 1 January 2021 and a 2-well commitment. Informal farm-out talks have begun, with a data room planned for late January.
23 Dec 2020material agreement▲ GoodMajor
ADX signed a binding memorandum with RAG E&P giving access to RAG's Upper Austria oil and gas processing and transport facilities, with set tariffs. This lowers development cost and time for any discoveries on the new licences and may help the planned farm-out.
16 Dec 2020capital raising announcement● Neutral
ADX opened its share purchase plan to Australian and NZ holders: A$1,500-30,000 each at A$0.006, a 12% discount to the 5-day average price, with one free option per two shares. Capped at A$1.0m, it follows the 15 December placement. SPP options need shareholder approval.
15 Dec 2020capital raising announcement● NeutralMajor
ADX placed 221.25m shares at A$0.006 to raise A$1.3275m, with one free option per two shares (A$0.008 strike, expiring 15 Jun 2021). A share purchase plan seeks up to A$1.0m on the same terms. Funds go to the Upper Austria bank guarantee, workovers and working capital.
What it means for a shareholder
221m new shares at A$0.006 to raise about A$1.3m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.00966% to 0.00856% of the company. To keep it you'd need 21,372 more shares - about A$128 at the issue price.
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8 Dec 2020admin correction▼ Bad
ADX retracted slide 11 of its webinar presentation, which showed NPV per barrel against resource size. The ASX viewed it as a possible financial forecast without disclosed assumptions. Investors should disregard it. A corrected presentation was attached.
8 Dec 2020investor presentation● Neutral
Webinar slides on the Upper Austria licence expansion, presented by the Austrian team. They repeat the licence and prospect details already announced. This version was later retracted in part (see next release).
2 Dec 2020investor presentation● Neutral
ADX announced an investor webinar on 8 December about the new Upper Austria exploration licences, with the Austrian team presenting. The chairman's letter calls the licences transformational. It contains no new data.
30 Nov 2020regulatory community update▲ GoodMajor
ADX finalised two Upper Austria Molasse Basin exploration licences covering 450 km2, effective 1 Jan 2021. They hold 10 drill-ready prospects with 42 MMBOE combined best-case prospective resource. Commitment is two wells over four years plus a EUR 342,828 bank guarantee. A farm-out is planned early 2021.
23 Nov 2020debt financing● NeutralMajor
ADX agreed with noteholders to defer repayment of the A$3.5m loan notes. The first A$1.75m is repaid in four half-yearly instalments from 26 May 2021, the rest as a bullet on 26 Nov 2022. Interest stays 6%. Holders get new options, subject to shareholder approval. This replaces the 50% due 26 Nov 2020.
16 Nov 2020material agreement▲ Good
ADX added BP Brent swaps at US$44.34 for 40% of proven Austrian oil output, 1 Jan to 30 Jun 2021. With the earlier US$41.77 swaps, about 80% is fixed for Jan-Apr 2021. This extends the hedging begun in 2020.
9 Nov 2020investor presentation● Neutral
ADX will present at the Resources Rising Stars investor forum on 10 November, with Executive Chairman Ian Tchacos speaking. The attached slides are an investor update, and the visible text shows no new results.
5 Nov 2020resource reserve update▲ GoodMajor
Independent audit by ERCE of the Austrian fields' developed reserves at 31 Dec 2019 found 0.54 MMboe 1P and 0.89 MMboe 2P, 13% and 4% above ADX's pre-purchase estimates. 3P is 1.51 MMboe. This delivers the reserves report due in Q4.
14 Oct 2020security holder rights change● Neutral
ADX's 95,167,287 listed options (exercise price 1.5c) expire 20 November 2020. The share price was 0.5c on 13 October, so ADX calls exercise remote. No money will be raised from them.
14 Sept 2020well test result▼ BadMajor
Mica-1 was acidised and back-flowed. Gas, mixed methane and nitrogen, reached surface after about 12 hours, but ADX says performance is below expectation. The well is shut in to see if it cleans up. This weakens the commercial case for the 2019 discovery.
11 Sept 2020half year report▼ Bad
Half-year to 30 June 2020: net loss A$2.22m versus A$0.86m a year earlier, on A$3.70m revenue from Austrian production, averaging 298 BOEPD. It is the first half with Austrian revenue. Operating cash outflow was A$213k.
8 Sept 2020farm in farm out completion▼ BadMajor
Tamaska's subsidiary has declined to proceed with the Parta farm-in, leaving US$1.3m of obligations unpaid. ADX rejects the legal basis, reserves its rights, and has put the 3D seismic mobilisation on hold. This undoes the Tamaska-funded seismic plan.
8 Sept 2020farm in farm out completion▼ Bad
Tamaska confirms it will not proceed with the Parta farm-in, which would have earned 50% for US$1.5m of 3D seismic spend. It says the earn-in period expired amid approvals delays and it chose not to extend. This is the counterparty's side of ADX's dispute.
4 Sept 2020well test result● Neutral
Mobilisation for the Mica-1 acidisation and flow test begins 7 September, with about 10 days of operations at roughly Euro 230,000. Pressure gauges show the Pa IV zone rebuilt to about 200 bars. No flow results yet.
18 Aug 2020director officer appointment● Neutral
ADX signed a one-year consultancy with NGX Commodities, controlled by non-executive director Edouard Etienvre, at A$1,500 a day, half cash and half equity (subject to shareholder approval). It is a related-party arrangement aimed at London and European investor interest.
7 Aug 2020well test result● Neutral
ADX will acidise and flow test Mica-1 at about Euro 230,000, starting within about 4 weeks and lasting 9 days. Downhole gauges confirm reservoir pressure of about 210 bars, but sampling also recovered drilling mud filtrate. This follows the July testing, which found no flow.
5 Aug 2020debt financing▲ GoodMajor
ADX secured a Euro 1.13m (A$1.86m) Austrian state-backed loan for ADX VIE at 0.56% interest, with Euro 120k collateral, a 4-year term and repayment holiday to 30 June 2022. It adds low-cost funding beside the A$3.5m loan notes.